NEW YORK, Feb. 5, 2020 /PRNewswire/ --
Global Human Resource Management Software Market, By Component (Software, Service), By Deployment Mode (Hosted and On-premise), By Enterprise Size (SME, Large Enterprise), By Vertical (BFSI, IT & Telecom, Retail, Healthcare, Manufacturing, Others), By Region, Competition, Forecast & Opportunities, 2025
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Human resource management system is a blend of systems and processes which integrates core and strategic functions into one comprehensive solution.Organizations prefer human resource management software or HRMS as it simplifies crucial human resource department's functions such as storing employee data, managing payrolls, recruitment processes, keeping track of attendance records, among others. HRMS helps in managing HR operations and includes all the vital elements required for workforce management. Global human resource management software market is expected to grow at a formidable growth rate of around 9% till 2025.The global human resource management software market is driven by the advancements in IT, introduction of predictive analytics in HR process, increasing adoption of cloud among SMEs to effectively manage field and office personnel, among others. Additionally, associated advantages such as digitalization of HR activities, reducing data redundancy, faster retrieval and sharing of information, improving the scalability of the business operations, digital storage & deep analysis of data and information at every level, imposing & enforcing role based system between the employees & management, improving security & efficiency, improving the efficiency of the employees and bringing about overall employee satisfaction, among others with the software are further propelling the market during forecast period. The global human resource management software market is segmented based on component, deployment mode, organization size, vertical, region and company.Based on component, the market can be bifurcated into software (core HR, recruitment, talent management, workforce planning & analytics, others) and service (training & consulting, support & maintenance, integration & implementation, and Others). Based on deployment mode, the market can be divided into On-Cloud and On-Premises segments.The On-Cloud segment is expected to dominate the market since it provides more data security and helps enterprises comply with various regulations. Based on organization size, the market can be categorized into SMEs and large enterprises.The SMEs segment is expected to grow during the forecast period. This can be ascribed to the adoption and implementation of human resource management software by different SMEs since the human resource management software helps reduce the burden of carrying out administrative tasks and allows employees to focus on the organizational development. Among all the regions, North America dominates the overall human resource management software market owing to the increasing adoption of the technologies such as automation, cloud-based services, etc. Major players operating in the global human resource management software market include Automatic Dta Processing (ADP), Inc., IBM Corp., Accenture PLC, Kronos Inc., Oracle Corp., SAP SE, Workday Inc., Ultimate Software Group, Inc., Cezanne HR Ltd., CorestoneOnDemand, and others. The companies are developing advanced technologies and launching new services in order to stay competitive in the market. For instance, in November 2018, Kronos Inc., introduced one of the most powerful artificial intelligence engines, AIMEE, designed to support employees and managers.
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